During the quarter ended October 31, 2007 and up to the date of this release, the following developments are noted:

- On a comparable year-to-year basis, invoiced sales at $554,587 were 30 % higher than the comparative quarter for the prior year ($428,068), and up 6% on a 12 months rolling basis. In US$, the currency of sale, sales were up 54% versus year ago.

- The Company also achieved its previously announced goal to have cash and net working capital in excess of $1,000,000 at the end of the quarter (at October 31, 2007, the Company's cash and cash equivalents totaled $1,041,472, and its net working capital was $1,231,669).

- The Company has been able to execute its restructuring plan effectively, and recorded a net loss of $188,174, versus a net loss of $774,527 in the comparative quarter a year ago (and down from a loss of $5,508,725 in the prior quarter, which had a significant number of one time expenses due to restructuring).

- On September 7, 2007, the TSX advised IBEX that it was reviewing the eligibility of IBEX for continued listing on the TSX as its listed securities did not maintain a market value of at least three million dollars over a period of 30 consecutive trading days. IBEX has been granted 120 days to regain compliance with TSX listing requirements. IBEX is taking steps to ensure that should it not meet the requirements for continued listing, its shares will be tradable on an alternative exchange.

Financial Results

Solely for the convenience of the reader, selected financial results expressed in Canadian dollars on the financial statements, have been translated into U.S. dollars at the October 31, 2007 month-end rate C$1.00 equals US$ 1.0585. This translation should not be construed as an application of the recommendation relating to the accounting for foreign currency translation, but rather as supplemental information for the reader.

Revenue for the three-month period ending October 31, 2007 totaled $554,587 (US$587,030) versus $428,068 in the same period of the prior year, ,representing an increase of 30% over the same period of the prior year.

For the three months ended October 31, 2007, IBEX recorded a net loss of $188,174 (US$199,182) or ($0.01) per share, compared to a net loss of $774,527 or ($0.03) per share for the same period in fiscal 2007. The net loss for the first quarter is almost entirely attributable to the balance of expenses relating to the completion of the previously announced restructuring plan.

The decrease in net loss versus the same period of the prior year is primarily attributable to the Company's decision in May 2007 to terminate research and development activities related to its arthritis and cancer programs. The Company did not incur any R&D expenses in the first quarter of fiscal year 2008 versus $384,252 in the same quarter of the previous year. Other factors contributing to the net loss decrease are: an increase in sales revenues, a decrease in selling, general and administrative expenses partially offset by an increase to foreign exchange loss.

LOOKING FORWARD

In addition to optimizing its base business, IBEX remains open to exploring opportunities to maximize shareholders' value through discussions with companies interested in the IBEX infrastructure and its accumulated tax loss carry-forwards.

On an operational basis, IBEX expects to achieve a positive EBITDA in the second quarter and to end the fiscal year with working capital in excess of $1,000,000.

The Company is also seeking cost-sharing arrangements to assist in the development of two low-cost, low-risk projects:

- A heparinase-containing blood collection tube for use in the clinical research market.

- A new arthritis assay based on a recombinant human CP II. This assay is would measure the human type II collagen carboxy propeptide which is cleaved from type II procollagen following release of newly synthesized procollagen into the matrix.

About IBEX

IBEX is a biopharmaceutical company manufacturing and selling proprietary enzymes and arthritis assays.

IBEX enzymes (heparinases and chondroitinases) are used as research reagents. Heparinase I, the most important of these enzymes is used in many leading hemostasis monitoring devices.

The Company's arthritis assays are used in pharmaceutical research. These assays are based on the discovery of a number of specific molecular biomarkers associated with collagen synthesis and degradation.

Safe Harbor Statement

All of the statements contained in this news release, other than statements of fact that are independently verifiable at the date hereof, are forward-looking statements. Such statements, based as they are on the current expectations of management, inherently involve numerous risks and uncertainties, known and unknown. Some examples of known risks are: the impact of general economic conditions, general conditions in the pharmaceutical industry, changes in the regulatory environment in the jurisdictions in which IBEX does business, stock market volatility, fluctuations in costs, and changes to the competitive environment due to consolidation or otherwise. Consequently, actual future results may differ materially from the anticipated results expressed in the forward-looking statements. IBEX disclaims any intention or obligation to update these statements.

TO THE SHAREHOLDERS OF IBEX TECHNOLOGIES INC.

The interim consolidated balance sheet of IBEX Technologies Inc. as of October 31, 2007 and the interim consolidated statements of loss and deficit and cash flows for the period then ended have not been reviewed by the Company's auditors, PricewaterhouseCoopers LLP. These financial statements are the responsibility of management and have been reviewed and approved by the Audit Committee.